And 73 others paid less than half of the US nominal 21% corporate tax rate. It will reduce economic inequality, foster basic fairness, limit excessive tax preferences and curb corporate tax shelters, and improve the accuracy of corporate financial reporting. The tax also advances basic fairness: When the American public sees giant and highly profitable corporations paying no tax, it undermines their faith that the tax code is fair. Permitting large corporations to zero out their tax bills stacks the playing field against competitors, both large and small. Corporations and their batteries of tax advisors are highly adept at discovering and exploiting tax loopholes, but the tax will counteract that by setting a tax floor.
Source: CNN November 25, 2021 02:13 UTC